AGENCY: Taxation and Revenue DepartmentDESCRIPTION: The High-Wage Jobs Tax Credit provides a refundable tax credit to businesses for each high-wage job created.ELIGIBLE USES:
• The credit is equal to 10% of the salary and benefits of each qualifying economic-based job, up to $12,000 per employee.
• May be claimed against gross receipts tax, compensating tax, or withholding tax for the year the job was created and the following three years.
• In urban areas, qualifying jobs must pay at least $40,000 per year.
• In rural areas, qualifying jobs must pay at least $28,000 per year.

QUALIFICATION CRITERIA/COMMENTS:
• The eligible employer has to apply to the Taxation and Revenue Department in the manner specified by the Department.
• The credit may be deducted from the modified combined tax liability of a taxpayer. If the credit exceeds the modified combined tax liability of the tax payer, the excess will be refunded.
• Urban areas are defined as a population greater than 40,000.
• The qualifying job must have been occupied for at least 48 weeks.
• See 7-9G-1 NMSA.
• Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or find paperwork and applications at http://www.state.nm.us/tax/BizPge.htm.
• Call the office of the Secretary at (505) 827-0951.